MKT9205M Marketing Management 1 Assignment Sample
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An overview and reflective discussions on the new product(s)/ or service(s) market strategies proposed to the organisation, and role in the group task.
Products
Product development is essential to the survival of customers as well as the business. The primary goal of any major development is to deliver new benefits to clients. Customers will rush to a product and service that delivers immense value (Uzir et al. 2021). Organisations continue to grow like a consequence of technology and its expanding significance. If the amount provided does not rise, the company would lose market share as its opponents ensure their continued potential. Based on the assignment, MediBiosense has designed several business strategies for the organisation’s goods and services in order to develop its audience in the United Kingdom reflecting several competitors such as Medtronic, ABBOT Laboratories, Apple Inc, General Electric. MediBiosense transforms the paradigm of transportable hospital attention by combining integrated treatment programs with wearables (Pressman, 2016). Their portable gadgets can track a range of therapeutic physical measurements instantly. The intention of this reflective study is to discuss regions of experience as well as the use of creativity to bring in a new service.
According to the determinants of the success of new item enhancement efforts, many experts believe that such an organisation’s new product activities are primarily influenced by its various markets and the type of area in which it competes. It would be nothing new that technology is making inroads in a variety of businesses, with healthcare services being one of them (Davenport and Kalakota, 2019). In this relation, the assignment has reflected several statistics regarding market size of digital patient monitoring along with region wise. Wearable gadgets and programs are becoming a big component of digital healthcare, and they are just getting bigger.
As per the assignment is concerned, the VitalPatch biosensor identifies stumbles and analyses critical and physical signs, including pulse rate, inhalation, temperature and ECG. This data is presented to physicians in a pictorial style, allowing them to monitor the patient’s response to therapy and progression (Mamdiwar et al. 2021). VitalPatch was prominently published on CNBC’s “Power Lunch” as part of a presentation just on development of pharmaceutical products. The number of medical apps accessible for smartphones, comfortable to wear, and IoT devices is fast increasing; approximately 320,000 being obtainable during 2017, and 200 getting created every day (Blue Cedar, 2018).
Blue Cedar would support MediBioSense in securing all genuine health information going first from the VitalPatch program to any destination information. The storage system is a healthcare database containing a client’s electronic medical record after release, a pharmaceutical research data system, or a cloud infrastructure (Haveman et al. 2022). Client remote patient monitoring, long term treatment planning, patients preclinical studies, personalised health governance, and real worth healthcare have all benefited from their implementation. However, including both businesses even from a regulatory policy standpoint, ensuring the protection of information created by users and customers remains a significant problem (Nambisan et al. 2018). MediBioSense plus Blue Cedar have been exploring a new vision to protect biometric personal health information addressing consumer concern as a consequence of collaborative engagement.
Marketing strategy
Technological progression can be considered as one of the most crucial factors which have resulted in the adoption of advanced marketing strategies for the development of the companies in the market. With the assistance of different virtual platforms companies can be promoted on a larger scale from national to international in a very short span of time (Cvitanović, 2018). Therefore, for developing an effective marketing strategy for the company of Medibiosense, the help of virtual mediums has been significantly taken. In addition to that, rather than focusing on the number of advertisements run on the online platforms, the quality of the content was the main focus. In recent times, people are becoming more educated and therefore, their likings are also shifting towards the way they view content. Therefore, eye-catching and meaningful content creates the ability to draw the attention of the consumers towards the purchasing of the products of the company (Diachuk et al. 2019). Furthermore, the business model of the company is B2B, therefore, the virtual channels and marketing strategies have been chosen accordingly for fulfilling the goals of the company.
Primarily. It needs to be said that one of the best mediums for B2B marketing is through the Search Engine Optimisation (SEO). With the adoption of appropriate keywords and others, the relevance of the website can be brought into exposure and the company would be found easily by the other companies for business. SEOs can be extensively useful for the companies for getting the necessary exposure and expanding their business on a worldwide level. Furthermore, the company needs to develop its own websites, apps and others in order to make the products available for the consumers. Activities through the online mediums are increasing over the years. Therefore, such websites and apps need to be designed for the consumers which are user-friendly and easy to use for the elderly people as well acquiring the interest of the majority of consumers (Iancu and Iancu, 2020). In addition to that, marketing through social media can acquire a huge portion of the consumer base. It has been seen that over the years, the use of social media on a daily basis by the people is increasing. Therefore, it can be said that the time spent on social media is increasing which simultaneously increases the opportunity of the only content of the company to be viewed (Statista, 2021). Thus, platforms like Facebook, Instagram, LinkedIn, Youtube, Twitter and others can be used extensively for expansion of the business achieving a wide range of consumers.
Amidst all the platforms which are used for marketing, socialising and others, Facebook is known to dominate for its huge number of users (Statista, 2022). Therefore, with the assistance of appropriate content, advertisements in Facebook can get the attention of an extensive consumer base which can increase the sales of the company by multiple folds. For a successful marketing strategy, the attention of the consumers needs to be achieved. In addition to that, email marketing can be regarded as another aspect that the company can use for marketing its products and services.
Role in group
The consequences of digital healthcare services are enlightened in this research concerning the attributes of digital patient monitoring and others. While working within the group, separate roles and responsibilities were provided to the group members concerning the completion of the research with adequate evidence and critical justification of possible benefits. The medical devices industry has been notified to include different renowned organisations such as Apple Inc, and others (Kapoor et al. 2020). A collaborative role was preferred by all of the group members in this case in order to explore and extract valuable information regarding the key players and existing market competitors operating in the medical device network. Ankita was responsible for completing topic 1 where new product review and target customer analysis were conducted. Zeeshan Ali was provided with the responsibility of conceptualising critical analysis of products and services with the provision of adequate market evidence. The consequences of accurate sales projection and forecast were also done by Zeeshan. Damilare was operating with the responsibility of critically evaluating the aspects of competitive advantage associated with the new product and service as an integral part of generating valuable recommendations for further improvement of digitalization in the healthcare system.
In this case, a competitor analysis is also conducted that has expressed the existing market competition. However, profound attention was kept on evaluating the utilisation of virtual channels that can explicitly support technological progress in the healthcare sector (Abdel-Rahman, 2021). Asraf was provided with this job within the group in order to enlarge the research efficiency with the addition of virtual channels for respective support activities for bringing the new product in the market. In this manner, Ashraf included the aspects of search engine optimisation and website, content marketing and online advertisements, artificial intelligence-based CRM and others. Apart from that, a specific role was also provided to Ashraf in terms of exploring the attributes of social media marketing in different channels in order to increase the digitally invented healthcare solutions acceptability and credibility. From this viewpoint, the positive implications of a collaborative approach can be notified within the group that has efficiently contributed to the welfare of research outcomes.
Include insightful reflections on the experiences learnt through ‘student as producer’ in developing the market strategies and reflections on a learning journey
The overall research has highlighted the attributes of a new product to be developed regarding the obtainment of improved user satisfaction. The consequences of the VitalPatch application is largely intercepted with the development of accurate market strategies. For evidence, the attributes of target customer and market identification can be highlighted in this research the concept of target marketing is largely emphasized. Moreover, a critical analysis is also conducted in this research in order to highlight potential features and advantages that can be achieved through the usage of this product. It includes the consequences of remote patient monitoring that is explicitly interrelated with digital healthcare services (Malasinghe et al. 2019).
The student has also paid attention to highlighting the sales projection and expected demand forecast of the product and service with respect to the recent pandemic situation. The inclusion of adequate industrial data and evidence has eventually added a fair value to this research-based on which accurate market strategies are developed. The expansion of business opportunities for Medibiosense is also pointed out by referring to the concept of geographic demand mitigation, signing contracts with potential automobiles, airlines and others. The aspects of the competitor analysis, in this case, are also considered as a sequential part of this research where the existing market competition has been explored and evaluated. The growth of digital patient monitoring devices is recorded in this research that has also influenced the development of accurate market strategies on the basis of patients’ requirements and demands (Griggs et al. 2018). The achievement of global competitive advantage has been disclosing the concept of surpassing the existing market competition by offering excellent digital healthcare services. Due to this reason, potential market strategies introduced in this case including the aspects of the critical analysis, recommendations and others have been highlighting the existing market conditions according to which the product should be promoted through digital media platforms and online advertisements.
The learning journey for the group has been quite fruitful for the entire group. The group leader, Abshar Shadi Puthanpurayil Ashraf was quite supportive and helped everyone in understanding their topics. For instance, Zeeshan Ali was responsible for topic 2 and everyone collaborated in the development of the product and service by giving their ideas. The first week was a little tough for the group as communication was not good enough. However, with time as the second week started, the group and the communication channel that were being used increased helping to improve the overall communication. Apart from that, the group collaborated and consulted each other on every topic thereby ensuring that all topics are aligned with each other.
In this regard, the learning journey has also introduced the utilisation of virtual channels for efficiently bringing the new product into the market. This aspect eventually highlights the students’ perception in terms of referring to the concept of increasing digitisation in the healthcare sector as a subsequent pathway of differentiating existing services and offerings.
Apart from that, the overall learning journey has eventually signified the consequences of digital media platforms like social media channels and others for efficiently reaching the target consumers along with increasing the acceptance of a new product in the market. The consequences of customer purchasing behaviour can be largely intercepted in this case.
Recommendations for future projects of this type
In order to empower the deliverables and efficiency of future projects of similar types, a range of suggestions can be made. The topmost recommendation, in this case, highlights the consideration of a more critical approach in order to present the consequences of digital healthcare services and attributes (Van Dam et al. 2018). It could have included gradual uplift of healthcare digitisation throughout the years rather than only considering digital patient monitoring devices growth. Moreover, the consequences of patient satisfaction should also be involved within the research for future times as a subsequent pathway to disclose the efficiency of digital healthcare applications behind the improvement of the patient experience.
On the other hand, future projects will have to include the prospects of the healthcare industry trends in both the developing and developed countries. A profound comparison could also be established in this case concerning the requirement and demands for digital healthcare products in the market in both countries. Moreover, potential group members will have to look for considering the societal norms and beliefs that are explicitly and implicitly related to the obtainment of healthcare services in developed and developing nations. This attribute might play a significant role to enlarge the research efficiency concerning the presentation of cultural values behind the acceptance of digitisation in healthcare.
References
Abdel-Rahman, O., 2021. Patient-related barriers to some virtual healthcare services among cancer patients in the USA: a population-based study. Journal of Comparative Effectiveness Research, 10(2), pp.119-126.
Blue Cedar, 2018. Breaking New Ground for Medical Wearables — Why MediBioSense Selected Blue Cedar to Secure the VitalPatch App. [Online] Available at: <https://www.bluecedar.com/read/breaking-new-ground-for-medical-wearables-why-medibiosense-selected-blue-cedar-to-secure-the-vitalpatch-app> [Accessed on 23 January 2022]
Cvitanović, P.L., 2018, October. New technologies in marketing as competitive advantage. In Proceedings of the ENTRENOVA-ENTerprise REsearch InNOVAtion Conference (Vol. 4, No. 1, pp. 266-274).
Davenport, T. and Kalakota, R., 2019. The potential for artificial intelligence in healthcare. Future healthcare journal, 6(2), p.94.
Diachuk, I., Britchenko, I. and Bezpartochnyi, M., 2019. Content marketing model for leading web content management. Advances in Social Science, Education and Humanities Research, 318, pp.119-126.
Griggs, K.N., Ossipova, O., Kohlios, C.P., Baccarini, A.N., Howson, E.A. and Hayajneh, T., 2018. Healthcare blockchain system using smart contracts for secure automated remote patient monitoring. Journal of medical systems, 42(7), pp.1-7.
Haveman, M.E., van Rossum, M.C., Vaseur, R.M., van der Riet, C., Schuurmann, R.C., Hermens, H.J., de Vries, J.P.P. and Tabak, M., 2022. Continuous Monitoring of Vital Signs With Wearable Sensors During Daily Life Activities: Validation Study. JMIR formative research, 6(1), p.e30863.
Kapoor, A., Guha, S., Das, M.K., Goswami, K.C. and Yadav, R., 2020. Digital healthcare: The only solution for better healthcare during COVID-19 pandemic?. Indian Heart Journal, 72(2), pp.61-64.
Malasinghe, L.P., Ramzan, N. and Dahal, K., 2019. Remote patient monitoring: a comprehensive study. Journal of Ambient Intelligence and Humanized Computing, 10(1), pp.57-76.
Mamdiwar, S.D., Shakruwala, Z., Chadha, U., Srinivasan, K. and Chang, C.Y., 2021. Recent advances on IoT-assisted wearable sensor systems for healthcare monitoring. Biosensors, 11(10), p.372.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and entrepreneurship. Strategic Entrepreneurship Journal, 12(3), pp.354-368.
Pressman, A., 2016. This New Patch Can Monitor Patient’s Vital Signs With High Accuracy. Fortune. [Online] Available at: <http://fortune.com/2016/11/02/vitalconnect- patch-monitor-vital-signs/> [Accessed on 23 January 2022]
Statista, 2021. Daily time spent on social networking by internet users worldwide from 2012 to 2020. [Online]. Available at: <https://www.statista.com/statistics/433871/daily-social-media-usage-worldwide/#:~:text=How%20much%20time%20do%20people,minutes%20in%20the%20previous%20year.> [Accessed on 23 January 2022]
Statista, 2022. Most popular social networks worldwide as of October 2021, ranked by number of active users. [Online]. Available at: <https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/#:~:text=What%20is%20the%20most%20popular,2.89%20billion%20monthly%20active%20users.> [Accessed on 23 January 2022]
Uzir, M.U.H., Al Halbusi, H., Thurasamy, R., Hock, R.L.T., Aljaberi, M.A., Hasan, N. and Hamid, M., 2021. The effects of service quality, perceived value and trust in home delivery service personnel on customer satisfaction: Evidence from a developing country. Journal of Retailing and Consumer Services, 63, p.102721.
Van Dam, N.T., Van Vugt, M.K., Vago, D.R., Schmalzl, L., Saron, C.D., Olendzki, A., Meissner, T., Lazar, S.W., Kerr, C.E., Gorchov, J. and Fox, K.C., 2018. Mind the hype: A critical evaluation and prescriptive agenda for research on mindfulness and meditation. Perspectives on psychological science, 13(1), pp.36-61.
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